The Pakistani rupee maintained its positive trajectory against the US dollar in the open-market on Tuesday as the gap with the inter-bank market continued to stay narrow and within the prescribed limit assigned by the International Monetary Fund (IMF).
Currency dealers Business Recorder reached out to said the rupee was quoted at 286 for selling and 283 for buying purposes for customers.
At the end of trading on Tuesday, the currency closed at the same rates, according to data provided by the Exchange Companies Association of Pakistan (ECAP).
In the inter-bank, the local currency settled at 285.72 against the greenback.
The increase, criticised by some as unsustainable since it comes on the back of administrative measures, is also seen as a positive as it curbs ‘speculation’ in the currency market. It also means the gap between the inter-bank and open markets has narrowed to negligible levels, meeting the structural benchmark set by the IMF.
The development comes at an apt time for Pakistan which is set to enter the next review of its Stand-By Arrangement with the IMF.
Meanwhile, the caretaker government continued to tighten the screws of currency smugglers and hoarders.
On Monday, Caretaker Interior Minister Sarfaraz Bugti said the Federal Investigation Agency (FIA) has registered 168 cases against Hawala, Hundi and recovered Rs658.470 million during September.
He said in the ongoing smuggling crackdown, a total of 1,095 litres of petroleum products worth Rs126 million have been seized as well.